We applied for a Home Equiry Line of Credit (HELOC) on our condo to obtain cash to buy another property and sell this one after closing on the new one. Wells Fargo said they do this all the time which sent us on a 9 week (yes, nine weeks!!!) adventure of errors by WF, interal miscommunication within WF, and multiple changes to parameters of the loan by WF.
Loan was supposed to be $350K using a ratio of 85%LTV. Credit score came back at 821 and we have a net worth of $1.9 million. Apprailsal came in at $542K from their licensed appraiser who did an on-site appraisal, not a drive by. 4 weeks into the process WF discovered how we were going to use the loan and said it was a "bridge loan" and they don't do that type of loan anymore. This was disclosed and know by the local banker before and during application.
Haviing so much invested by WF so far, they got approval to proceed, but reduced LTV to 60% and countered with $315K. We escalated to the executive office and they supposedly took over the loan process. What a joke. A total waste of time. The executive person couldn't even get pertinent information on the loan from his own bank. He's still workin on it in week 9.
We are retired and taking the IRS minimum required distribution (MRD) each year from our 401k and IRAs along with SS and pension income. WF has not figured out how to use the MRD as part of our income!!! Really??? Apparently we must be the first retired people who have tried to get a HELOC in the history of WF!!!
We received a concurrence on the appraised value from their corporate NET who are supposed being the final word on the appraisal. Shortly thereafter some local WF appraisal person entered his own opinon without seeing the propeerty and reduced the appraisal to $410K. Totally discounting the on-site appraiser's opinions of the property. Strange that the $410K is the precise amount needed to support the initial loan request of $350K using an 85% LTV!! Apparently he didn't know the LTV was reduced to 60%.
The executive office is supposedly still working on this loan, but we just received a denial letter from the WF Home Equity Group that the executive person doesn't even know about. Wow!!! Don't these people talk to each other?
RUN...RUN screaming from any dealings with Wells Fargo!! We will be closing all out accounts with WF as soon as wew can set up direct deposit and payments with another bank! Did I mention that we have been with WF since they were First Union and have over $200K in cash and over $400K in a 401k with them?
Loyalty...forget about it!!!
My wife and I have great credit and a substantial amount of equity in our home, but Bank of America appraised our home at over $100,000 less then the next bank used for my line of credit less than 6 months later. The next bank I used has a very streamlined and efficient process. Bank of America does not even deserve one star for their HELOC process. Although Bank of America stated that I initially could obtain a $70,000 loan, they then lowered it to $50,000, then to $30,000, until they appraised our home at $100,000 less than market value. Ultimately, I believe appraisal was their pretext for denying the HELOC. I believe there was some discrimination involved or blatant incompetence.
You'd think I'd have learned from my first miserable, 16-week experience, but NO!, I had to torture myself again. "3-4 weeks to close" they said. "Here's the list of docs you'll need" they said. Hah! 6 weeks of "Just one more doc", finger pointing between the branch and Income Verification, and now sitting in Underwriting for Week 2 with zero communication.
If you're in a hurry forget it. If you love to copy or scan dozens of pages of documents, and make all the follow-up calls, then this is the game for you! Nice people, but severely broken processes. Week 8 and still not closed, with no end in sight...
I had an auto loan from them and even making payments on time they would still call and pester me about payments all the time. I had to take a block all MILLIONS of their numbers. Their customer service is horrible. If you get someone its an indian and you can't understand them. Their payments, if you give them your bank account info are withdrawn earlier and earlier each month. After the second year I figured out that I had made a whole extra payment because they were shaving a few days off each month. So the first month it would be due the 15th then next month the 11th then the next the 6, etc. After 2 years I added up all the payments and I had made 25 payments in 2 years. What a sham! They are a horrible company and I am GLAD to be rid of them. I had to pay the loan off early, 3 years early to get them to quit with the harassment. Hope this company goes under...
I'm unhappy they I have to get them 1 star, this company gets NONE!
Stay away from PNC , had a house loan with them for 5 years and needed to refinance from a 15 yr to a 30 year , same bank same loan same people. Said I didn't qualify for the loan, WTF ?????? Wouldn't work with us, stole our house legally. They have no morals . Since then I have built a home out of pocket . It's smaller but paid for. PNC took bail out money and my home for free. Only Americans do this to people. I'll never use a lender again. If I can't pay cash then I don't need it .
I have an 805 Credit score and have worked in the same industry for 15 years, have been at my home for 5 years. I normally get the lowest interest rate on everything i apply for. 5/3 bank rep at the branch told m e the HELOC rates are a "touch" above 3. After i jumped through all the hoops, sent all the required info, they came back w/ a 5.25% rate. I was floored. My brother applied for one w/ a different bank and got a 2.99% rate. The rep went on to tell me that the lowest they can give anyone is 3.9%, because they do prime + .4%, which is still high and something he should have told me when i asked him in the 1st place before i applied. Look around at other banks and you can find a much cheaper rate.
|Results 1-10 of 13||Results per page: 5 | 10 | 25||Page 1 of 2 Previous | Next|